The company said the launch of a blockchain incubator in Nigeria was part of its greater plan for investment in Africa. Paxful has also appointed Chuta Chimezie as regional director of Africa. He will be responsible for conducting business operations, facilitating local and international brand awareness, creating educational content on behalf of Paxful, recruiting, and overseeing the incubator’s day-to-day operations.

“Paxful is committed to fostering economic growth in Africa and helping the unbanked and underbanked gain access to the opportunities they have been denied for so long,” said the company’s chief executive officer (CEO) Ray Youssef. “The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world.”

Paxful will sponsor several blockchain and crypto-focused events in Nigeria, and plans to sponsor and speak at others in Ghana, Cameroon and Kenya. The company launched its #BuiltwithBitcoin charitable programme last year to encourage the cryptocurrency sector to contribute funds for humanitarian projects.